Paris- Bitcoin may be in for a sustained record run as it overcomes key obstacles, experts said Thursday after cryptocurrency set a new record high.
Even bitcoin enthusiasts had experienced some doubts over the summer when Chinese regulators cracked down exchanges trading the virtual currency and a dispute among developers gave birth to a new version, splitting the market of the budding currency.
In September, banking regulators in Beijing and Shanghai ordered local cryptocurrency exchanges to shut down.
But observers say they are now detecting a rethink by the Chinese authorities, causing bitcoin on Thursday to surge past the $5,000 level for the first time since it;s launch eight years ago.
Around 3:30pm Greenwich mean time its value based on a basket of trading exchanged calculated by Bloomberg was $5,247.02, up from $4,829.29 late Wednesday.
The represents a rise of 400 percent this year alone.
Should rumours reported in state media be confirmed, what is by far the most well-known and traded of more then 1,000 so-called cryptocrrencies could climb to even greater heights, experts predict.
'There has been a period of uncertainty but that has not lasted. China represents more then 60 percent of trading and the question of their regulation, as everywhere, has made a bigger impact," said Greg Revenu, of Bryan, Garnier & Co.
